Modern Exploration Inc

Spot Prices

West Texas Intermediate Spot Price

West Texas Intermediate (WTI) is a Texas light sweet grade of crude oil used as a standard in oil pricing. It is described as light because it has a comparatively low density, (API gravity of around 39.6 and specific gravity of about 0.827) and because of its low sulfur content is called sweet (less than 0.42% sulfur).

Light sweet crude oil is the preferred crude oil for processing into gasoline (naphtha), kerosene, and high-quality diesel.

It is the underlying commodity of Chicago Mercantile Exchange's oil futures contracts. WTI is often referenced alongside the price of Brent crude from the North Sea. Other oil markets are the Dubai Crude, Oman Crude, Urals oil and the OPEC Reference Basket.

WTI is lighter and sweeter than Brent, and by far lighter and sweeter than Dubai or Oman.

Henry Hub Natural Gas Spot Price 

The Henry Hub is a distribution hub on the natural gas pipeline system in Erath, Louisiana. Spot and future natural gas prices set at Henry Hub are denominated in $/mmbtu (millions of British thermal units). The Henry Hub spot price is the primary price set for the North American natural gas market. North American unregulated wellhead natural gas prices are closely correlated to those set at Henry Hub. The spot date of a transaction is the settlement day when the transaction is done today. One million Btu is approximately equal to a thousand cubic feet of natural gas.

($ per MMBtu multiplied by 1.028 = $ per Mcf)